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Transparency and Truth in Latin American Banking

Transparency and Truth in Latin American Banking

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Описание
Banking laws and practices concerning transparency and disclosure are essential components of the "living law" of an effective modern economy. In their meetings as part of the Summit of the Americas process, Western Hemisphere finance ministers made banktransparency a priority. This study by the National Law Center for Inter-American Free Trade (NLCIFT) was commissioned by these ministers. It responds to their concerns and was presented as 5 reports to the ministers. It is now integrated, with updates, into a comprehensive, fully documented book, Transparency and Truth in Latin American Banking, with a foreword by Dr. Heinz P. Rudolph, Director of International Finance and Capital Markets for the Ministry of Finance of Chile.

The book was prepared under the general editorship of NLCIFT President and University of Arizona law professor, Dr. Boris Kozolchyk, who has served as U.S. delegate to the UN Commission on International Trade Law and representative of the US Council on International Banking to the International Chamber of Commerce for work on letters of credit. To produce this study, the NLCIFT put together an outstanding multinational team.

Bankers, bank regulators, policy makers, potential investors, both domestic and foreign, and students of banking, finance and banking law will find important conclusions and recommendations in every chapter and a road map that has already helped to show the way forward. Beyond the specific recommendations, this study establishes a methodology for analyzing and comparing banking systems of different countries. The approach promotes mutual exchanges on actual practices and thus leads to changes that strengthen financial integration in the region as well as each national banking system. Beyond the five countries studied, the methodology and recommendations are useful for bank regulators and policy makers in other countries in Latin America and other parts of the world.

The NLCIFT was chosen for this project because of its reputation for independent, professional and objective work. NLCIFT is a non-profit institution dedicated to developing the legal infrastructure necessary to facilitate the movement of goods, services and investment capital in the Western Hemisphere. Its projects serve to identify and eliminate structural and mechanical legal obstacles to free trade through the harmonization of commercial laws and practices.

February 9, 2000

Dr. Boris Kozolchyk

President and Director

National Law Center for Inter-American Free Trade

Tucson, Arizona

Dear Dr. Kozolchyk:

Through this note, I want to express my gratitude to you and the National Law Center for Inter-American Free Trade, for the outstanding effort and professionalism that your institution demonstrated throughout the period the initiative on Transparency and Disclosure was developed.

I am glad to inform you that the Minister of Finance of Chile, Mr. Manuel Marfán, presented the final report of this initiative to the Western Hemisphere Ministers, along with the progress on the remaining initiatives set forth in the Santiago Ministerial of December 1997. Ministers praised this initiative and its useful and constructive findings, and agreed to continue this project for the other uncovered countries of theHemisphere, requesting funds from international financial institutions. Consequently, we are confident that the project will continue.

Again, I would like to thank you for your hard work and dedication during this period.

Sincerely,

Heinz P.Rudolph Director or International Finance and Capital Market Ministry of Finance Chile